Tuesday Morning swings net loss to profit

Dallas – Tuesday Morning reported net income for the second quarter of fiscal 2014 of $17.7 million, compared to a net loss of $21.5 million in the same period last year. The company's net sales were $285.8 million, essentially flat with $285.3 million for the second quarter of fiscal 2013.



Net sales for the second quarter of fiscal 2013 included the contribution of 24 more stores, as well as e-commerce sales. Same-store sales increased by 3.1% compared to the second quarter of fiscal 2013 and were comprised of a 7% increase in customer transactions, partially offset by a 3.9% decrease in average ticket.



“During the second quarter, our experienced team executed a disciplined program aimed at improving operations, enhancing merchandising and strengthening the Tuesday Morning offering to our value-oriented consumer,” said Michael Rouleau, CEO of Tuesday Morning. “Our progress to date includes improved customer service in well-stocked stores displaying fresh, new merchandise at great values, all of which yielded solid comparable store sales results, increased inventory turnover, and a strong cash position. We are pleased with our progress and results this quarter and are confident we will demonstrate continued improvement in the second half of our fiscal 2014, yet remain focused on the significant work ahead necessary to complete our business turnaround program."